Commitment to acquire a business branch to produce cng refueling stations
May 23 2012 - 12:00PM
Italian Regulatory (Text)
Press Release
23 May 2012
Landi Renzo: commitment to acquire a business branch from a leader
in the field of components to manufacture Compressed Natural Gas
refueling stations.
The Group completes its offer and consolidates at an international
level its leadership in the eco-sustainable mobility sector. The
company continuity and important employment levels, necessary for
the business branch activity, have been protected
Cavriago (Reggio Emilia), 23 May 2012 Landi Renzo has forwarded to
Agave s.r.l., a company in liquidation about to submit an
application for composition with creditors, an irrevocable proposal
for temporary rental and subsequent acquisition of the SAFE
business branch. Through the trademark SAFE, Agave has been
operating for more than 35 years in the production of compressors
for gas processing for a wide range of applications, also managing
their marketing and/or distribution and support services; its main
business areas are CNG (natural gas refuelling stations for
vehicles), Oil and Gas (compressors and auxiliary systems for the
processing of gas from extraction to distribution), plants for the
processing of biomethane, hydrogen and Liquified Natural Gas
plants. The transaction, aimed at allowing the distressed company
to continue operations and to be relaunched, even preventing some
job cuts, is part of the strategy of Landi Renzo which considers
the possibility of expanding its own product portfolio with the the
know-how in the production of "CNG stations" as a competitive
factor. Landi Renzo believes that, with a view to industrial
integration, refueling stations could have a parallel development
of the use of methane as a fuel or even to boost it. "The
transaction concerns the Group strategy- said Landi Renzo's CEO
Claudio Carnevale- that points to expand its product portfolio.
This acquisition, moreover, confirms the world-wide leadership of
Landi Renzo Group in developing and marketing innovative
technological solutions in the field of low environment impact
transports. Finally said Mr. Carnevale- this operations gives us
the opportunity to enter in important segments of the high pressure
gas processing field, such as, among the others, Oil and Gas and
Biogas." The business branch involved in the transaction comprises
several assets including tangible and intangible assets, as well as
a specific number of workers necessary for business relaunching.
Rental of the business branch, in preparation for the acquisition,
is subject to some suspension clauses, the most significant of
which is the authorisation from the Court of Bologna to enter into
the temporary rental and acquisition contract. The final
acquisition of the business branch is subject to approval of the
composition plan which Agave will propose to its creditors. The
financial outlay for the transaction can be estimated at around 10
million euro (around 2 million euro for the acquisition of the
business branch and around 8 million euro for the acquisition of
Agave inventories). Such value will be rectified, upon conclusion
of the transaction, by assessing the exact
1 www.landi.it
Press Release
23 May 2012
amount of all the items involved in the transfer, also including
some liabilities of about 500 thousand euro. During 2011, through
the business branch in question, Agave achieved a turnover of
around 27 million euro. It is expected that the business branch
becomes effective from the beginning of next July: it can be
estimated that such a business could contribute around 10 million
additional euros to revenues of the Landi Renzo Group for the
current financial year. For the purposes of this transaction Landi
Renzo is supported by Mediobanca S.p.A. in the capacity of
financial advisor and by Studio Legale Bassi & Terzi, Studio
Oliva and by Analisi S.p.A. respectively as legal, tax and
accounting consultants.
Landi Renzo is a world leader in the sector of components and LPG
and CNG fuel systems for motor vehicles. Based in Cavriago (Reggio
Emilia) and with more than 50 years' experience in the sector,
Landi Renzo is distinguished by the sustained growth of its
revenues and the extent of its international operations, with a
presence in over 50 countries and exports accounting for about 70%
of the Company's sales. Landi Renzo S.p.A. has been listed in the
STAR segment of Borsa Italiana MTA market since June 2007.
This press release is a translation. The Italian version
prevails
For further information:
Landi Renzo Pierpaolo Marziali M&A and Investor Relations
Officer ir@landi.it Corrado Storchi Public Affair Manager
cstorchi@landi.it Tel. +39 0522.94.33
SEC Relazioni Pubbliche e Istituzionali Marco Fraquelli
fraquelli@secrp.it Daniele Pinosa pinosa@secrp.it Tel. +39
02.624999.1
IR Top Consulting Chiara Cardelli Tel. +39 02 45.47.38.84/3
ir@irtop.com
2 www.landi.it
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